I said I did not dispute the fact that some folks had a tremendous advantage, but anyone could be a millionaire if they could save a few dollars each day and are able to compound it at decent rate.

At first I heard it was impossible for the average person to do the research necessary to achieve a 10 percent or higher return, especially because the stock market is "rigged" for rich people.

I said perhaps that is so, but there are investment newsletters that will help choose the stocks for you and they should focus on safety, growth and income.

Of course, then the expert told me that all the newsletters are scams and the good ones are more than $5,000 annually.

Most everyone there agreed with the self-proclaimed expert.

However, I said that a middle-class person could become millionaire and did not need to inherit any money. They just need to find a documented newsletter that could help them compound their money at 8 to 15 percent annually that cost them less than $2 per week.

I know this is possible because my newsletter has averaged over 25 percent compounded annually since its inception and it is less than $2 per week. I personally have compounded my money at a much higher rate than 8 percent, but again refused to share that part. But I digress.

Well, now the expert became belligerent at a person wearing tank tops and flip-flops. He looked very "ordinary" like I did and told me I was wrong (he actually said something very demeaning).

I said the reason most folks are not becoming millionaires today is that they would rather tell you how its impossible or they believe the hucksters and swindlers who try to involve you in get-rich schemes or the imbeciles who rationalize their own personal failure with some invalid excuse.

I said if you could save $10 per day from the time you are 16 years old, you would be a millionaire at age 56 if you could compound your money at decent rate.

The blowhard then proceeded to tell me that I must be drunk and there was no way $10 a day at any interest rate could make you a millionaire 40 years later. He said I would never accomplish amassing $100,000, let alone $1 million, with my "delusional" ideas.

The rest of the conservation is irrelevant, but I wanted to see exactly what was needed to be saved and at what interest every day for 40 years to amass $1 million.

This is what I found.

If you can compound your money at 1.5 percent annually, you need to save $50.03 per day for 40 years to have $1 million.

At 3 percent annually, you need to save $35.50 per day, and at 8 percent, you only need to save $9.42 daily. At 12 percent, it is $2.79, and at 15 percent it is $1.06 per day.

So, if you can compound your money at 8 percent per year or higher, which is hardly a difficult feat, and save $10 per day for 40 years, you will become a millionaire.

Now, I understand most folks do not want to wait 40 years to accumulate $1 million.

I also know most folks in 40 years after they start working do not actually amass $1 million.

Next week, in part, I will explain in great detail how this "formula" can become a reality.

About the Author: Bill SpetrinoBill Spetrino is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of the Dividend Machine. Discover more by Clicking Here Now.